Not All PPP “Forgivable” Loans Will be Forgiving

Not All PPP “Forgivable” Loans Will be Forgiving

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In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection…
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Spotlight: How to Apply for Advance Payment (Refund)

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The IRS has issued a final version of Form 7200 (Advance Payment of Employer Credits Due to COVID-19) and its accompanying instructions on March 31, 2020. Sick and family leave credits. The Families First Coronavirus Response Act (FFCRA) requires…
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Spotlight: Deferral of employment tax deposits and payments through December 31, 2020

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The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Section…
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Spotlight: Employee Retention Credit under the CARES Act

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an…
Paycheck Protection Program and Health Care Enhancement Act: What’s In It?

Paycheck Protection Program and Health Care Enhancement Act: What’s In It?

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PPP & The CARES Act Following the passage of the $2.2 trillion CARES Act stimulus package at the end of March, one of the most talked about provisions was the Paycheck Protection Program (PPP). The CARES Act had earmarked $349 billion…

Congress Makes Charitable Giving Easier During the COVID-19 Crisis

To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. Under…
Businesses Score Big Tax Benefits with the CARES Act

Businesses Score Big Tax Benefits with the CARES Act

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As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid…
Track Your Economic Impact Payment in the New IRS Portal

Track Your Economic Impact Payment in the New IRS Portal

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The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information. Background After…

Stimulus Legislation Includes SBA Loan Forgiveness

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Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration)…
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Update on Portland and Oregon Tax Deadlines

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To our valued clients and friends, Things are changing by the day as governments continue grappling with ways to provide relief during the Coronavirus Pandemic. Please see below for updates on various taxing jurisdictions: State of Oregon Except…